The Monetary Authority of Singapore (MAS) has published new guidelines pertaining to digital token offerings. The document provides additional clarity on the regulatory requirements for intermediaries that facilitate them, while highlighting the reporting obligations of entities offering capital markets products that are not classified as securities.
MAS Publishes New ICO Guidelines
Capital markets products are described as “any securities, units in a collective investment scheme, derivatives contracts and spot foreign exchange contracts for purposes of leveraged foreign exchange trading.” Any entity that offers capital markets products will be required to submit a prospectus in accordance with SFA requirements.
Exemptions From Prospectus Requirements
Rules for Intermediaries Offering Tokens
The guidelines also state that any person who “provides financial advice in respect of any digital tokens” as an intermediary must secure a financial adviser’s license. The same expectations will apply to any person who “provides any financial advice in Singapore in respect of any digital token that is an investment product.” In addition, the regulator says that anyone based in a foreign jurisdiction who engages in activities designed to influence citizens of Singapore through financial advisory services will be “deemed to be acting as a financial adviser” in the city-state.
Do you think that other nations will adopt similar guidelines for digital token offerings to Singapore? Share your thoughts in the comments section below.
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